The Bancor Network (BNT) is a decentralized liquidity network that allows you to hold any token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
The Bancor protocol is a standard that allows anyone to easily create completely liquid “smart tokens” that calculate their own prices & enable a single party to convert any token to another, without requiring a second party to exchange with. Thereby enabling the long-tail of completely liquid cryptocurrencies.
The protocol is revolutionary because of its ability to make it possible to convert tokens without any need to match two parties whose desires work together. Instead of each buyer requiring a seller and vice versa, the simple formula behind the 'Bancor Protocol balances sells and buys to ensure that each token within the network keeps up its formulaic relationship with other tokens. It is this relationship that leads to the continuous liquidity without concern for exchange listings or trade volume.